The Connected Yoga Teacher Podcast
105: Insurance for Yoga Teachers with Beth McVeigh
As a yoga teacher or yoga studio owner, do you have insurance that protects you if a lawsuit arises? How much coverage is enough? Beth McVeigh, a specialist in liability insurance for yoga instructors and yoga studio owners, joins Shannon in the last episode of the 5-part mini-series, Yoga Studio Business 101, to shed light on the topic of insurance.
Beth McVeigh is the Manager of the Commercial Lines Complementary Health Department at Lackner McLennan Insurance, the largest provider of insurance to yoga instructors and yoga teachers in Canada. They specialize in liability insurance, cover a wide range of yoga modalities, and have 25 years of experience serving the yoga community.
Protecting yourself financially is just as important as serving your audience and catering to their needs. That’s where insurance comes in, but it can be confusing! Beth answers questions relating to the amount of coverage needed, waiver forms, the requirements to apply for insurance and much more. She also has some tips on how best to protect your yoga business and yourself from potential lawsuits that may come up years later.
Whether you’re wondering if you need insurance for your business, or if you’re looking to improve your coverage, after this episode, you’ll definitely have a better understanding of the kinds of insurance you need and should have.
[3:47] Shannon introduces her guest for this episode - Beth McVeigh.
[5:21] What is Beth's role as Manager of the Commercial Lines Complementary Health Department at Lackner McLennan, and how is it relevant to yoga teachers?
[8:00] Beth shares more about how she got into the yoga space in the insurance world.
[10:03] How much insurance do yoga teachers really need?
[11:54] Shannon and Beth discuss waiver forms - do yoga teachers need them, and how do they work?
[17:36] How soon after completing their training should a new yoga teacher get an insurance policy into place?
[18:31] What do yoga teachers need to get insurance?
[18:59] Do yoga teachers need to be part of a larger organization in order to be insured?
[19:25] What else should new teachers be aware of when it comes to getting insurance?
[20:07] There are three main types of yoga business owners - the yoga teacher, the yoga studio owner, and the traveling yoga teacher. Beth explains the different types of policies available to cater to them.
[23:56] Shannon shares her experience with insurance coverage and teaching yoga in her home.
[25:58] Beth and Shannon clarify some other questions related to renting studio spaces, traveling abroad, event cancellation and disability insurance.
[29:54] What's the difference between an occurrence-based policy and a claims-based policy?
[32:44] What are some other aspects for yoga teachers to consider in order to better protect themselves?
[36:09] Whose responsibility is it in a situation where the teacher has done his / her due diligence and given appropriate instructions, but the student doesn't heed them and gets injured as a result?
[38:48] Beth shares more about the prices and coverage for some of the policies for yoga teachers.
[40:49] Shannon and Beth discuss some instances and examples of scenarios that could take place that might give rise to a claim.
[43:00] Does the scope of practice of yoga teachers play in at all with insurance?
[46:26] There has been a lot of discussion in the yoga world around touch. Beth shares her perspectives on the topic.
[49:30] For yoga teachers in Canada who are looking for insurance or need more information, check out the Lackner McLennan website.
[50:49] What are Beth's thoughts on sharing yoga online?
[53:48] How does insurance change if you are a yoga therapist or if you're certified with the Yoga Therapy Association?
[55:07] Shannon shares her key takeaway - it's important to take a look at your own insurance and make sure it covers you for everything you need.
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Quotes from this episode:
"We've tried to make insurance as fun and painless as possible because nobody likes to have to purchase insurance."
"Unfortunately, in the world that we live in today, people do sue."
"When it comes down to a claim, and you are drawn into a lawsuit, the more detail you have, the more you have written down and the more that you can show, the more the chances are that you're going to be exempted from it."
"We know that a lot of claims will come about years from the time of the incident."
"It doesn't matter how small the class is, or if you're only teaching part-time, you're still exposing yourself, so you still need to make sure that you're fully covered."
"If you're doing any sort of specialty yoga, then we would definitely have to put in a bigger policy in place."